Duplex with Renovated Lower
For Sale
$400,000
1924 Weile, Spokane, WA 99217
Upper residence is move-in ready, while the lower unit includes a brand-new bathroom and needs cosmetic updates.
Property Size2,296 SF
Price / SF$174.22
Days on Market30
Property Features for 1924 Weile
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi Family Home
Amenities
Garage: Attached, RV Access/Parking, Garage Door Opener, Off Site, Oversized
Garage Spaces: 1
Attached, RV Access/Parking, Garage Door Opener, Off Site, Oversized
1
Building Details
Year Built
1946
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty, LLC
(509) 951-7629
Listed By:
Mike Helmberger · License #131103
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 28
Last Checked: Aug 28 at 9:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 2296 SF duplex, built in 1946, includes two residential units with distinct condition profiles. The upper residence is in move-in-ready condition, offering a bright floor plan, substantial natural light, and original character. The lower unit is functional and clean, with cosmetic improvements such as paint and cabinet updates still to be completed. Its bathroom has already undergone a full renovation, providing a completed improvement within the lower residence.
The property is located at 1924 Weile in Spokane, Washington. Exterior features include RV access or parking, an oversized element, an attached feature, a garage door opener, and off-site parking as listed in the property information.
The property is located at 1924 Weile in Spokane, Washington. Exterior features include RV access or parking, an oversized element, an attached feature, a garage door opener, and off-site parking as listed in the property information.
Key Highlights
- 2296 SF duplex constructed in 1946
- Upper unit is in move‑in‑ready condition
- Lower unit has a brand‑new, fully renovated bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,265
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$525,300
$525.3K
Cap Rate 7%
$375,214
$375.2K
Cap Rate 9%
$291,833
$291.8K
Market Conditions
NOI Build-Up for 2,296 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.0K $17.40/SF
− Vacancy
−$2.4K −$1.06/SF
EGI
$37.5K $16.34/SF
− OpEx
−$11.3K −$4.90/SF
NOI
$26.3K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$525,300
Cap Rate 7%
$375,214
Cap Rate 9%
$291,833
Alternative Uses
Best Use
Multifamily LT 5
$375.2K
$328.3K – $437.8K
NOI $26,265 @ 7.0% cap · market cap 6.57%
Second Best
Apartment 5plus
$326.2K
$285.5K – $380.6K
NOI $22,836 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$592.4K
$518.3K – $691.1K
NOI $41,466 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Upper residence is move-in ready, while the lower unit includes a brand-new bathroom and needs cosmetic updates.
Where is this duplex located?
The property is located at 1924 Weile Spokane, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2296 SF duplex constructed in 1946; Upper unit is in move‑in‑ready condition; Lower unit has a brand‑new, fully renovated bathroom
